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Best real estate investments in florida 2021

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INVESTMENT CALCULATOR WITH FEES

The month of September recorded a spike of 9. These include single-family homes, townhomes, condominiums, and co-ops. Total existing-home sales that include single-family homes, townhomes, condominiums, and co-ops, jumped to a seasonally-adjusted annual rate of 6. Single-family home sales sat at a seasonally-adjusted annual rate of 5. Existing condominium and co-op sales were recorded at a seasonally-adjusted annual rate of , units in September, up 6.

For four straight months, home sales have grown in every region compared to the previous month. Median home prices increased at double-digit rates in each of the four major regions from one year ago. While all four major U. Year-over-year, contract signings rose An index of is equal to the level of contract activity in Three of four regional indices recorded decreases in contract activity on a month-over-month basis in September.

In the Midwest, the index slid 3. With 10 years having now passed since the Great Recession, the U. The housing market has been along for much of the ride and continues to benefit greatly from the overall health of the economy. However, hot economies eventually cool and with that, hot housing markets move more towards balance. Inventory was predicted to remain constrained, especially at the entry-level price segment.

Mortgage rates were predicted to likely bump up to 3. Tight inventory coupled with rising mortgage rates would have lead to dropping sales. Buyers were expected to continue to move to affordability, benefiting smaller and mid-sized markets. The housing market predictions were pointing out that all the housing indices would trend upward for the nation as a whole as well as in every state, including the top metro areas.

After the coronavirus pandemic came into being, the housing market forecast runs the gamut from optimistic to pessimistic. The pace of home sales relative to inventory reached a new record high in February, although hints of deceleration were beginning to surface.

The median home price gains marked 97 straight months of year-over-year gains nationally. In March, the unsold inventory was equal to a 3. The fall in GDP associated with the coronavirus pandemic, and the rise in unemployment, is unprecedented. Despite that, there is little sign so far that the housing market is about to subside. Housing market predictions that take Covid into account have already come out.

Before the pandemic hit the nation the supply of new housing was failing to keep up with demand. Social-distancing requirements are also likely to hold construction back in the coming months. With many sellers remaining on the sideline and a decline in housing starts, inventory will remain constricted. Under normal market conditions, prices would be expected to skyrocket as inventory declines at a faster rate, but buyer demand is expected to see-saw as the fourth wave of coronavirus pandemic pop-ups in winters.

Hence, home price growth will flatten, with a forecasted increase of just 1. If the pandemic worsens further in the coming months, the sales are forecasted to take a hit as sellers might again de-list their properties and buyers would also stay away. Capital Economics is estimating four million homes will be sold in This would be the lowest rate since For comparison, roughly 5.

The trade war with China threatened international trade, creating a cloud that deferred business investment. That is why home sales are expected to be around six million in instead of the previously projected 6. Economic sentiment affected the U. The number of homes for sale fell nearly 16 percent in March , after listings fell 15 percent year over year in February. This was equal to roughly , homes being taken off the market. US housing market predictions for the longer term will depend on the lingering impact of this virus.

How long will it take for the economy to return to normal? How quickly will the service economy re-open and get people back to work? Recovery is also expected to be uneven. Housing markets that are more heavily impacted should expect a slower recovery than markets that were hit less severely. If you're wondering what the state of the housing market will be like over the next six months, especially if you're an investor, then here is some good news for you.

The mismatch between supply and demand is driving prices higher, but this isn't a housing bubble. While housing demand has been softening nationwide due to the pandemic and job losses, the market is in much better shape than a decade ago.

The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic period. For the first time since the pandemic began, all four major components of real estate activity—the demand, supply, pricing, and sales—are growing above the pre-COVID pace. However, we may see home sales temper toward the latter part of and into if the unemployment rate stays elevated, but slower home sales are different than a busted housing bubble.

Many experts were predicting that the pandemic could lead to a housing crash worse than the great depression. But that's not the case. The good thing, at least for buyers and investors alike, is that house prices have nearly flattened and are poised to remain stable in the latter half of this year. The housing market forecast from Realtor. The home prices would flatten out. Single-family housing starts, which were expected to increase by 10 percent in , are now predicted to decline by 11 percent.

It's mainly due to an unprecedented health crisis and economic uncertainty that has compounded this temporary restraint on real estate transactions. The positive forecast is that there is expected a short-term bump in sales for the early fall due to pent up buyer demand, fear of the pandemic reducing, and low mortgage rates. According to Zillow , the housing market forecast for has improved but lingering economic uncertainty may temper some of the predictions.

The forecasts for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand. The pandemic also pushed the buying season further back in the year, adding to recent sales. Future sources of economic uncertainty, including lapsed fiscal relief, the long-term fate of policies supporting the rental and mortgage market, and virus-specific factors, were incorporated into this outlook.

While more sellers are comfortable entering the housing market compared to previous months, the lack of further improvement in newly listed properties signals that a return to normal conditions for the housing market is still just beyond reach at this time.

The growth of new listings has begun to decline in November which further impacts the total inventory. As new listings come on the market they are quickly taken out from heavy buyer competition and pent-up demand. The volume of new listings has also been trending lower over the past couple of weeks, as sellers across the country are reluctant to list amid the rising cases of coronavirus. It is important to note that new listings are an important contributor to the volume of home sales, and a failure of new listings to improve beyond the current pace of their decline could prove to be an obstacle for further sales improvements this year.

Sellers continue to be cautious, and further improvement could be constrained by lingering coronavirus concerns and economic uncertainty. A failure of new listings to improve beyond the current pace could prove to be an obstacle for further sales improvements, given their strong correlation with sales. As discussed above, home sales are constrained by low inventory and diminished seller and buyer confidence as the effects of COVID linger in the labor market.

However, real estate activity has been going on at an unusual pace. The housing sales recovery is strong, as buyers are eager to purchase homes and properties that they had been eyeing during the shutdown. This increase in buyer activity can go on for the coming winter season as long as mortgage rates remain low and jobs continue to recover.

But more importantly, if the coronavirus cases do not rise at a rapid pace. However, as demand for home buying remains super strong, we're still likely to end the year with more homes sold overall in than in After rising to 5. Fannie Mae is assuming that the spike in unemployment will drag on the housing market for the entire year.

This is why it is predicting a 15 percent drop in home sales for over numbers. The time-on-market index increased to increase, suggesting buyers and sellers are continuing to connect at a faster rate going into the fall. While pending contracts are at an all-time high, that will not necessarily translate to a record number of home sales because not all contracts lead to closings and due to sampling size variations. For the year According to N. R,'s recent forecast, for all of , existing-home sales are expected to increase by 1.

According to their chief economist, Lawrence Yun, they are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market. For the year , Yun projects existing-home sales to reach 5. New home sales are expected to be higher this year than last, and annual existing-home sales are now projected to be up — even after missing the spring buying season due to the pandemic lockdown.

Although these markets were hit by the COVID pandemic first, they were also some of the first to recover, with caseloads easing over time. The resulting pent up demand has driven homebuyers back to these markets, but now with an increasing preference for neighborhoods outside of the dense city centers and more toward suburban areas. Affordability continues to be a key factor in attracting buyers to these neighborhoods.

Before the coronavirus pandemic began, the U. Years of slow home-building activity coupled with the ongoing financial crisis point to the fact that the number of homes for sale would still fall well short of demand in the coming months. Housing market experts predict that sharp declines in the prices look improbable as the buyer demand has remained relatively strong despite the pandemic.

A lot of new buyers want to purchase a house and while investors have taken a pause. The housing market was running at a record pace in the early stages of the coronavirus outbreak in February , with sellers continuing to gain leverage, and buyers benefit from lower mortgage rates.

We saw some of the best home sales and housing starts to pace in more than a decade until February As the population of millennials is increasing, the demand side of housing remains strong. Many buyers need to get into a larger home because they have a growing family. Those interested in purchasing homes are looking at the enticing low mortgage rates. According to Freddie Mac, mortgage rates continue to slowly drift downward.

That means refinancing could be a smart option for your pocketbook. A reduction in even just a quarter of a percentage point could potentially shave off a couple of hundred dollars from your monthly payments. This will be the key factor driving housing demand as state economies steadily reopen. We can expect a wave of mortgage refinances to save money.

To help borrowers and renters who are at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency FHFA announced that Fannie Mae and Freddie Mac the Enterprises are extending their moratorium on foreclosures and evictions until at least until December 31, —originally moratorium was supposed to expire at the end of August.

That gives potential home sellers hope, though it will take time for these low-interest rates to offset the spike in unemployment and general economic malaise. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only while the REO eviction moratorium applies to properties that are acquired by Fannie or Freddie through foreclosure or deed-in-lieu of foreclosure transactions.

The pandemic cost 22 million payroll jobs in March and April, and about 9 million have been recovered through July. But more recently, job openings appear to have stalled, and other statistics indicated that the labor market remains in the grips of recession. On August 27, the Labor Department said that the number of Americans applying for jobless benefits topped 1 million last week, just as it has most weeks since late March.

And the near-term job prospects are dim for people in service industries such as restaurants, hotels, travel, and entertainment. Bureau of Labor Statistics, as of July, the U. The rate is encouraging when compared to previous months but is still above the highest rate during the Great Recession—10 percent in October These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus COVID pandemic.

At the same time, the stimulus package that Congress passed in March was more than double the financial aid offered during the last downturn. Real gross domestic product GDP increased at an annual rate of This is a massive economic recovery as in the second quarter of , real GDP had decreased by This led to rapid shifts in inactivity, as businesses and schools continued remote work, and consumers and businesses canceled, restricted, or redirected their spending.

The third-quarter increase in real GDP reflected increases in consumer spending, inventory investment, exports, business investment, and housing investment that were partially offset by a decrease in government spending. Imports, a subtraction in the calculation of GDP, increased. The increase in consumer spending reflected increases in services led by health care and goods led by motor vehicles and parts.

The increase in inventory investment reflected an increase in retail trade inventories led by motor vehicle dealers. The decrease in government spending was in federal as well as state and local governments. In the second quarter, GDP decreased Excluding food and energy prices, the PCE price index increased by 3. Real disposable personal income decreased by The Federal Reserve says it will keep buying bonds to maintain low borrowing rates and support the U.

It intends to keep the interest rates at rock bottom for even longer than previously expected after a major policy shift that has profound implications for Wall Street, workers, and savers. The economy is expected to shrink by 6. The Federal Reserve foresees the unemployment rate at 9.

The rate is now The whole new policy aims to address the immediate economic problems caused by the pandemic-induced downturn. Employers and households also could benefit from cheaper borrowing rates for houses, cars, and other loans. And over the long run, if an extended period of low-interest rates supports economic growth, that could lead to further drops in unemployment, which in turn could help disadvantaged workers who are typically the last to benefit from a long economic expansion.

Over the long term, the U. What will be like for buyers? Economic activities are ramping up in all the sectors, mortgage rates trend at historic lows, and jobs are also recovering. Record low mortgage rates are providing opportunities for buyers to lock-in low monthly mortgage payments for future years. The latest housing market trends show that prices are rising in most parts of the country and most price segments because of the lack of supply. Although growth in supply remains below the normal seasonal pace it continues to improve as buyers anxiously await more sellers to put fresh new homes for sale on the market.

Tight housing inventory was the issue for buyers before Covid as well. If you qualify for a mortgage, you have a more limited selection and prices close to what they were before the coronavirus hit, but you have relatively little competition. In response to the COVID national emergency, borrowers with financial hardship due to the pandemic have been able to receive forbearance, which is a pause or reduction in their monthly mortgage payment.

Borrowers can request an additional six months if needed. FHA does not require lump sum repayment at the end of the forbearance. An important step in this direction was the announcement of the payment deferral option for borrowers. The payment deferral option allows borrowers, who can return to making their normal monthly mortgage payment, the ability to repay their missed payments at the time the home is sold, refinanced, or at maturity.

Expect homes to be slow to sell, and you may have to market it down to move it. What will be like for investors? Many investors who primarily acquired at the courthouse foreclosure auction are migrating to buy bank-owned REO homes via online auction, which also provides the added benefit of safety from viral exposure.

The added competition for these homes due to the moratorium on foreclosures could drive up the prices in the distressed housing market. According to a recent survey from Auction. The spillover to the housing market will rely upon the profundity, length, and severity of the recession and, if some parts of the country feel the effect worse than others, some local housing markets could see greater effects.

The main culprit for the housing recession: monetary policy. The experts predicted that monetary policy will be the deciding factor this time around. In particular, they argued that the Federal Reserve could prompt slower growth if it raises short-term interest rates too quickly. To put it simply, the US housing market is ripe for investment in , making it a great time to buy a rental property for sale to increase your cash flow. A multi-generational housing market is creating limited supply and increased competition , driving up prices at the affordable end of the market for the foreseeable future.

For everyone else, real estate is appreciating at or just above the rate of inflation. The home price appreciation rate has slowed so far but prices are still rising. Housing Affordability is driven largely by the gap between household income and home value. It is influenced by the balance between housing supply and demand, the labor market, and mortgage rates by way of Federal monetary policy.

The most commonly used indicator in the US and many other countries is the ratio of house prices to incomes or earnings. A higher ratio indicates relatively more affordability. A ratio of indicates that median- family income is just sufficient to purchase the median-priced home. Ratios above indicate that the typical household has more income than necessary to purchase the typical house. Therefore, low-income households spending a high proportion of their income on housing may and vice versa.

Qualifying income is derived from the monthly payment on the median-priced existing home, at the effective mortgage interest rate. Affordability was already a problem for the US housing market before the coronavirus hit. There was a shortage of affordable housing, driving up the cost of the homes Millennials can afford. This is important since half of all home mortgages are given to Millennials. And they are forced to compete for new housing stock since Boomers and Generation Xers tend to hold onto their homes.

The housing affordability index determines the affordability of the housing market by comparing the median household income to the median home price. The national housing affordability index was That was a nearly one percent increase from the prior month and an eight percent increase from a year before. An affordability index of would mean that the average person could afford the average home. An increasing affordability index means more people are priced out of the housing market.

The economic fallout of the coronavirus is probably going to make housing less affordable, not more so. The official unemployment rate jumping ten percentage points or more means many people are out of work. In June, employment in leisure and hospitality rose sharply. Notable job gains also occurred in retail trade, education and health services, other services, manufacturing, and professional and business services.

All of this adds up to tens of millions of households seeing their income drop, many of them substantially. And home prices will remain steady or drop just a few percentage points. The result is a dramatic drop in the average household income while the housing portion of this equation is almost unchanged. We could easily see the housing affordability index hit This is one of the more certain housing market predictions. Another factor affecting this equation is the rising average price of new homes.

This is why the median home price was rising in We can expect home builders to focus their limited manpower and resources on luxury homes that will sell for more. And that will worsen the housing affordability index as long as the economic crisis continues. However, the housing market forecast should not affect your decision to buy a home. Instead, you should make the decision to buy a home based on your economic situation.

Pessimistic housing market predictions may scare some from listing their home, but many motivated sellers will list their property. That may contribute to a decline in sale prices, but it presents an excellent buying opportunity. An April Realtor. The share of home buyers looking at suburban markets near large cities and even across state lines is showing a rebound, as consumers look to a post-pandemic landscape, with cities in the Southeast seeing renewed interest.

Lower mortgage costs and median income rises are the two important factors that make housing relatively more affordable. In , historically low mortgage rates are certainly making home purchases more affordable. People still want to own homes, and with mortgage rates low, a lot of people are taking advantage of that even though there is an apparent economic slump.

Census Bureau. That's up from The homeownership rate of The year fixed-rate averaged 3. The current year fixed-rate is averaged 3. Department of Housing and Urban Development. The national median sales price of existing single-family homes was up 4. A household is said to be cost-burdened when it pays more than 30 percent of its income toward housing expenses.

As a more extreme measure, a household is said to be severely cost-burdened when it pays at least 50 percent of its income toward housing expenses. With rates at or near historic lows, refinancing could help you save by reducing your monthly payments and reducing the total amount of interest that you pay over the life of the loan. Also, the mortgage rates continue to slowly drift downward with a distinct possibility that the average year fixed-rate mortgage could remain below 3 percent in as well.

References :. Current avg. Marco Santarelli is an investor, author, Inc. Table of Contents. Comments It is rare to find somone who really knows their stuff. Good job. Real Estate. Quick Links. Total housing inventory at the end of September totaled 1. Total housing inventory at the end of August totaled 1. Total housing inventory at the end of July totaled 1.

Total housing inventory at the end of June totaled 1. Total housing inventory at the end of May totaled 1. Total housing inventory at the end of April totaled 1. Unsold inventory was at 3. At present, it is a 3-month supply. In the first two weeks of March, the median listing prices were increasing 4. The median list price on pending contracts in the four weeks through April 26 was up 2.

This was a further deceleration from the 3. In the three weeks of May ending May 9, May 16, and May 23, the median national listing price posted an increase of 1. In May , the median national home listing price grew by 1. This is a re-acceleration from the 0. In June, the median national home listing price grew by 5. This is an acceleration from the 1. Prices rose 7. This is an acceleration from the 5. The median national home listing price grew by This is an acceleration from the 8.

In October, the median national home listing price grew by Existing home sales jumped Existing-home sales jumped 7. Existing-home sales rose 8. Existing-home sales rose 9. Zip Code. Zip Name. Median Days on Market. A lot of unknowns remain about how the massive job losses during the pandemic will impact rent and occupancy rates over the long term.

Many tenants have missed payments, with regulations assuring them that they can avoid evictions for a short time. But impossible to know right now how many of these eviction moratoriums will be extended, and for how long, and in which markets. Election results on the national, state, and local level could lead to major changes this fall.

So at some point, renters will be forced to catch up on rent, and homeowners will be forced to catch up on mortgages. This trend is a double-sided coin for investors. Those who are looking to buy see opportunity more on that later.

But those who own rentals may face the prospect of evicting tenants, or of having to keep their portfolios afloat while missing rental income from a portion of the units. Make sure you look at both sides of the coin as you devise your battle plan for Inventory for single-family homes was tight before the pandemic, and the demand from those fleeing to the suburbs—combined with record-low interest rates for homebuyers—means that demand far outstrips supply.

This means that investors will have to be more creative than ever in finding good investment properties. Investors must not only be creative to expand their targets, but they must also consider rehab-to-rent properties or even build-to-rent projects, instead of simply buying existing housing stock.

The good news for SFR investors is that if they are able to acquire a good property, the trend toward the suburbs and rental homes means that rent rates should remain solid for a long time to come. One way to prepare—ask your lender if they have a pre-approval program or line of credit that you can get qualified for to ensure you have ready access to capital when needed.

The fix-and-flip and fix-to-rent investment strategy boomed out of the financial crisis, and many veteran investors are poised to capitalize if a similar surge of foreclosures happen. This means many investors who believe that the end of mortgage deferments and prolonged unemployment could open buying opportunities in the months ahead are keeping powder dry to be ready.

While the housing market remains strong, there are significant questions about commercial real estate moving forward. How will work-from-home trends affect office rentals? Will restaurants, retail, and hospitality bounce back, or will closures create wide swaths of vacancies?

While some renters may struggle to get current after moratoriums, a new renter class could emerge from former homeowners who must sell to avoid evictions. Solid affordable housing in multifamily units will remain in demand. While we may see a slowdown in Class A, city-center multifamily projects, investors will still find opportunity for value-add multifamily workforce housing among Class C properties, or for stabilizing a Class B property.

Stringent analysis of local markets and available renters will be crucial, though, in light of the uncertainty caused by As investors craft and execute their strategies for , they need partners they can trust. In times of uncertainty, you need appraisers who will show up, contractors who will get the job done on time, and a lender who can close with speed and certainty.

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Some people have suggested REITs, but REITs are more of a macro real estate play where they tend to underperform in a rising interest rate environment. I want to invest more specifically in properties in strong job growth markets with strong operators who will increase rental occupancy or efficiently upgrade the properties for maximum selling prices.

Flying around the heartland to kick some drywall is an inefficient use of my time. San Francisco rental yields cap rates are only about 2. My money is on the Red states and these best cities. These two articles go deep into demographic trends, pricing, and taxes. The easiest way to invest in real estate in lower cost areas is with Fundrise , the best real estate crowdfunding platform for non-accredited.

Tampa, FL is also in the list of best places to invest in real estate in With a population of more than 4 million, Tampa, FL is not only an attractive metropolitan area but is also one of the most frequently visited tourist destinations. There are several economic and development prospects attached to this market and Tampa was described as one of the hottest real estate markets in the US in the past year.

Home values have gone up 5. There is less than 2-month of the available inventory in the entire Tampa metro area — down almost This is one of the key factors in rising home prices. The benchmark for a balanced market favoring neither buyer nor seller is 5. Anything lower than 5. Austin, TX is also in our list of best places to invest in real estate. Austin is only the fourth largest city in the state. However, the Austin housing market is sizable — it is the eleventh largest city in the U.

Austin has come up as another tech hub in the last 5 to 6 years. There are tons of high paying tech jobs moved to Austin in the last couple of years. As Austin is a young city by many standards, Millennials will be the largest buying force in Austin in , and this trend should continue in the coming years.

Real estate industry experts think that there is no bubble. Overall there is a huge scarcity of homes for sale in Austin. Chicago is also in our list of the best places to invest in real estate. Chicago is the third-largest metropolitan area in the U.

S, almost three million in Chicago and another ten million in the surrounding metro area. Chicago has a large population, a diverse economy, and a stable market. It is home to 32 Fortune companies. It has high private sector employment. And due to several factors, Chicago is one of the best real estate markets for investing in rental properties for sale. The average rent for a one-bedroom apartment is roughly a thousand dollars. Two-bedroom apartments in Chicago cost an average of dollars a month.

Rental rates for Chicago rental properties are appreciating more slowly than average, increasing at 0. This is one third less than the 1. The average house in Chicago sits on the market for 50 to 55 days. However, hot homes can sell in just two weeks.

Columbus is also in the list of the best places to invest in real estate. This means that the rental yield is high. The cost of buying a home is well within the reach for an average household income. The Columbus Ohio housing market is seeing steady growth due to slow population growth. Between and , property values have increased. In the past year, they increased a whopping 8. There is a great demand for older, renovated homes in established, walkable neighborhoods.

The limited supply of family-friendly homes in these areas is driving up their prices. Some neighborhoods remain economically depressed, and so will attract lower rental incomes and make poor investment choices. The Lakeland FL real estate market was ranked fifth among major metro areas in early In the past year, it moved into the number-one position in the Realtor. While the Lakeland FL real estate market is cheaper than Orlando and Tampa, it is not a good overall value given the lower average wages of its residents.

That explains why U. News and World Report gave the city an index score of 5. Median household incomes are no better. This creates a strong demand for Lakeland rental homes, especially those that low-income residents can afford. Ocala is interesting for its population density given how rural the surrounding area is.

The Ocala real estate market is buoyed by several nearly recession-proof industries. A large number of retirees here creates significant demand for medical professionals and caregivers. The horse-centered community offers several good-paying jobs to trainers, veterinarians, and animal caregivers. There are several manufacturers in the area such as mobile home manufacturers and an EMS vehicle maker. Another factor affecting the demand for Ocala rental properties is that half the people who live in the county commute to more expensive surrounding areas to work.

Property appreciation rates are so strong in Birmingham real estate market that despite a nationwide downturn in the housing market, Birmingham AL real estate has continued to appreciate much faster than most other top performing real estate markets in the US. There has been a distinct trend of people moving to the largest metropolitan area in the region to find the greatest opportunities. The Birmingham area is home to more than 1.

LendingTree ranked the Birmingham area as one of the least competitive real estate markets in the country. There were more potential buyers than sellers, forcing many would-be homeowners to rent instead. Only two years after the market crash in , Durham was considered as one of the few favorable locations to invest in real estate. With strong population growth and a solid economy, the rental demand in Durham, North Carolina is continuously increasing.

Durham real estate typically performed stronger than the U. Single-family homes, of course, rent for much more. Last year was the fifth consecutive year of home price gains in the Charlotte real estate market. However, record-low unemployment and low-interest rates have led the buyers to still find a home in this region.

Until March the real estate sales were going steady in the entire Charlotte Metropolitan Statistical Area. Charlotte is a hot market for investors whether they want to renovate and flip, buy to hold and rent or invest in multi-family properties. You can choose to market your home to potential buyers. Any homeowner looking to cash out and sell off their property should do it in the current phase.

It is better to avoid the price decline phase that will accompany the coming correction. Colorado Springs real estate has continued to appreciate faster than most of the markets in the US. Conditions in the Colorado Springs real estate market seem to be in a sustainable, upward direction and show no signs of slowing down. The single-family home market in Colorado Springs is stabilizing a little bit.

Inventory is rising and prices are increasing at a slower pace. The local economy is strong and mortgage rates remain low. The Colorado Springs real estate market is notable for how affordable it is compared to many other cities in the Rockies. The average price of a home in Denver passed half a million dollars in In short, you can buy two homes in Colorado Springs for the price of one in Denver.

Rentals in this city have been gradually increasing over the years. This consistent growth has been driven by a buoyant economy creating jobs. Tourism is also high, driving strong returns in the holiday rental market. Jobs are a major reason why people move to Denver in the first place.

That explains why Denver is one of the top cities for in-migration, attracting people from all over the state as well as the country. Conversely, areas slated for redevelopment will almost certainly go up. And Denver has known and planned for areas of redevelopment. Downtown Denver saw multiple infill projects in downtown ten years ago. Redevelopment is planned around Elitch Gardens today.

The Raleigh metropolitan area — the city and its surrounding suburbs — account for about one and a half million people. Recent forecasts and predictions for the Raleigh housing market suggest that home prices will continue rising in

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Home prices are soaring and breaking records despite coronavirus pandemic. Persistently tight inventory in the entire Boise Metro Area housing market, coupled with historically low year fixed mortgage rates are keeping the demand high, which in turn is pushing home prices up in this region.

The real estate appreciation rate in Boise in the latest quarter was around 2. For sellers, a nice profit is on the horizon. The strong availability of housing stock and high rental rates relative to the house price make it an accessible market to invest.

The Dallas real estate market offers a wide range of investment properties; you just have to find your tenants to rent out the property. It is estimated that people move to Dallas-Fort Worth every-day. Dallas has the lowest homeownership rate in the country, with renting more affordable than buying. The Metro area is growing and it's expected that at least new homes in this area and Dallas a total of new single-family homes and apartments.

Houston is one of the all-time best places to invest in real estate. This city is the home of the US oil and gas industry and offers perennial employment opportunities. These strong macroeconomic factors continue to power the Houston housing market. However, what makes Houston a strong investment destination is that it has a very active real estate market. Volumes of trade are high and housing stock moves fast. This means it is fairly easy to exit investments and find a buyer for your home.

Atlanta, GA is also one of the best places to invest in real estate. Atlanta offers attractive buying prospects for the savvy rental property investor. This increasing population is driving the housing demand. As the city continues to go through an economic boom, prices of properties in Atlanta are forecasted to increase in the following years. How can we miss Las Vegas in our list of best places to invest in real estate?

Las Vegas has experienced several booms in its history. And it saw an incredible real estate bust during the Great Recession. For savvy investors, the Las Vegas real estate market is both stable and predictable. The Las Vegas real estate market is entirely brimming with new businesses. Its friendly business environment is propping up the economy and helping towards the positive Las Vegas real estate market trends for The new businesses are propping up at a much faster rate than the national average.

Now is a great time to invest in Las Vegas rental properties. Orlando, FL is a tourism and entertainment favorite, because of this, it remains a strong real estate investment destination. Investors have a choice of targeting the long term residential or holiday markets with their properties. Both offer strong returns. This expansion is related to the growing population and job opportunities in this city, this translates to more rental income and tourism leading to a better economy for the city.

Spokane stands at the 5th position. With a population of only , people, Spokane is small, but it is a rising real estate hot spot. Spokane homes are selling faster than Seattle homes. For renters in Spokane, the good areas are mostly on the north side north of Garland street. Perry District is growing faster than many other parts of Spokane. Spokane Valley and Liberty Lake are also desirable neighborhoods and are growing rapidly. One reason to invest in Spokane real estate now instead of waiting is that prices are appreciating so fast.

According to Neighborhoodscout. Real estate appreciation rates in Spokane's have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 0. Tampa, FL is also in the list of best places to invest in real estate in With a population of more than 4 million, Tampa, FL is not only an attractive metropolitan area but is also one of the most frequently visited tourist destinations.

There are several economic and development prospects attached to this market and Tampa was described as one of the hottest real estate markets in the US in the past year. Home values have gone up 5. There is less than 2-month of the available inventory in the entire Tampa metro area — down almost This is one of the key factors in rising home prices. The benchmark for a balanced market favoring neither buyer nor seller is 5.

Anything lower than 5. Austin, TX is also in our list of best places to invest in real estate. Austin is only the fourth largest city in the state. However, the Austin housing market is sizable — it is the eleventh largest city in the U.

Austin has come up as another tech hub in the last 5 to 6 years. There are tons of high paying tech jobs moved to Austin in the last couple of years. As Austin is a young city by many standards, Millennials will be the largest buying force in Austin in , and this trend should continue in the coming years. Real estate industry experts think that there is no bubble. Overall there is a huge scarcity of homes for sale in Austin. Chicago is also in our list of the best places to invest in real estate.

Chicago is the third-largest metropolitan area in the U. S, almost three million in Chicago and another ten million in the surrounding metro area. Chicago has a large population, a diverse economy, and a stable market. It is home to 32 Fortune companies.

It has high private sector employment. And due to several factors, Chicago is one of the best real estate markets for investing in rental properties for sale. The average rent for a one-bedroom apartment is roughly a thousand dollars. Two-bedroom apartments in Chicago cost an average of dollars a month. Rental rates for Chicago rental properties are appreciating more slowly than average, increasing at 0.

This is one third less than the 1. The average house in Chicago sits on the market for 50 to 55 days. However, hot homes can sell in just two weeks. Columbus is also in the list of the best places to invest in real estate. This means that the rental yield is high. The cost of buying a home is well within the reach for an average household income. The Columbus Ohio housing market is seeing steady growth due to slow population growth.

Between and , property values have increased. In the past year, they increased a whopping 8. There is a great demand for older, renovated homes in established, walkable neighborhoods. The limited supply of family-friendly homes in these areas is driving up their prices. Some neighborhoods remain economically depressed, and so will attract lower rental incomes and make poor investment choices.

The Lakeland FL real estate market was ranked fifth among major metro areas in early In the past year, it moved into the number-one position in the Realtor. While the Lakeland FL real estate market is cheaper than Orlando and Tampa, it is not a good overall value given the lower average wages of its residents. That explains why U. News and World Report gave the city an index score of 5. Median household incomes are no better. This creates a strong demand for Lakeland rental homes, especially those that low-income residents can afford.

Ocala is interesting for its population density given how rural the surrounding area is. Mortgage delinquencies have declined, but improvement is slowing 6. If the current rate of progress continues, more than a million loans will be behind on payments when forbearance programs begin to expire in March The National Multifamily Housing Council found This is a 1.

These data encompass a wide variety of market-rate rental properties across the United States, which can vary by size, type, and average rental price. According to Realtor. The decline came as Americans turned their attention to the elections. The housing index is pegged to a starting point of at a particular year.

And then they can just track whether things are improving or declining from that reference point. It went up for most of the month of March, and then it hit this peak and came down rapidly and fast over the course of essentially the end of March, April, and right through to the beginning of May where it bottomed out. So after May 1st, that index started to go up, it passed 85 in mid-May and then continue to work its way up rather quickly.

The recovery index had reached As of November 7th, it is now 8. The housing demand is still very high but its rate of increase is expected to slow down in the coming few months before it surges back in the Spring of The housing supply index, which measures the growth of new listings, also fell for the second week in a row, to Now, we are not sure whether sellers would continue to list the properties in the winter season or back out once again due to the rise in coronavirus cases and the coming festive holidays.

This suggests that the normal seasonal slowdown in buying activity may finally be taking place in winters. The housing supply will need to carry consistent momentum forward to balance the relentless growth in demand. As a result, this is an indicator that things are heading towards a balanced real estate market. This week, both supply and demand components saw a decline over last week. Months of double-digit price growth and record level inventory may finally be translating into buyer fatigue.

While promising, the market will need to see conditions hold and improve through the end of the year to fully make up for the lost ground in the spring. Regionally, all housing markets except for the South saw index declines this week. The West The Northeast Locally, a total of 46 markets have crossed the recovery benchmark as of this week, two more than the previous week.

Markets that are still below the baseline include Buffalo, Oklahoma, Miami, and Chicago. The graph below charts the index by showing how the real estate market started out strong in early , and then dropped dramatically at the beginning of March when the pandemic paused the economy. It also shows the strength of the recovery since the beginning of May.

A V-shaped recovery can be seen. All of this shows that with the opening of up U. S economy, the key housing indicators have begun to turn around. Yearly declines in newly listed inventory have slowed and listing prices have recovered after reaching their low point during mid-April. The overall move above recovery was much needed and it will need to hold for at least another 10 weeks to make up for the lost activity in the second quarter of the year.

However, a sustained seller comeback is uncertain — the fear of the rise in coronavirus cases in the winter season is still looming large. According to the demand index tracked by Realtor. It is currently The pandemic led to record-high prices, short supply, and economic uncertainty but despite all of that the buyer demand remained very strong.

However, the current trends show that the lineup of buyers has not gotten significantly shorter since May. While demand saw a softening these past three weeks, it continues to remain very elevated. The coming weeks should paint a clearer picture of whether demand is softening or will remain strong through the winters. Regionally, 44 of the 50 markets are now positioned above the recovery trend, five less than the previous week.

The most recovered markets for home-buying interest include Buffalo; Baltimore; Sacramento; Washington, DC; and San Antonio, with a housing demand growth index between and This is 9. Housing prices are increasing due to tight supply and higher demand. The sellers are enjoying the fastest listing price growth recorded in more than two years. Although the fastest price growth has been recorded since January it is yet to be seen whether higher asking prices will translate into higher selling prices.

Regionally, 32 of the 50 largest markets seeing growth in asking prices surpass the January baseline, two more than the previous week. In the top 10 most-recovered markets, asking prices are growing at 14 percent year-over-year, on average. The most recovered markets for home prices include Austin, Pittsburgh, Riverside-San Bernardino, Houston, and New Orleans, with a home price growth index between and Home sales are recovering from the setback of the coronavirus led crisis with fall becoming the peak homebuying season.

The housing sales are predicted to recover at a faster rate in this quarter. It is The time-on-market index reached In other words, homes are selling faster. Regionally, 44 of the 50 largest markets are now seeing the time on market index surpass the January baseline, three less than the previous week. In the top 10 most recovered markets for the pace of sales, time-on-market is now down 25 percent, on average, year-over-year.

For this week, the most recovered markets for time-on-market include Los Angeles, Las Vegas, Virginia Beach, Louisville, and Boston, with a pace of sales growth index between and Seller's real estate markets in the pre-COVID period are better positioned for a recovery in the months ahead. In the week ending November 7, the housing supply component, which tracks the growth of new listings, has continued to decline, for the second week in a row, to It had crossed the January baseline for the first time since early August.

In the first week of August, the index had managed to reach the January baseline as more sellers re-entered the market but it was a temporary boost in new listings which weakened later in August. While the index itself has declined this week, it is important to note that the count of new listings has increased compared to last week.

This is a great sign for buyers who are struggling with tight inventory. Further improvement in the housing supply could be limited going into the winter season as the peak cycle subsides. Will sellers choose to go against the usual seasonal decline in new listings? What do you think? Regionally, 27 of the 50 largest markets saw the new listings index surpass the January baseline, two more than last week.

The most recovered markets for new listings included San Jose, San Francisco, Rochester, San Diego, and Boston, with a new listings growth index between and T hese local housing supply trends show that sellers were returning faster in the more expensive housing markets. More homes being listed for sale in areas with wealthier demographics goes some way to explain the strength of the housing market at a time of recession and rising unemployment.

The median U. Their data shows that year-over-year increases in rent have slowed every month in the U. According to Zumper's National Rent Report November , overall, the national 1-bedroom median rent decreased 0. In year-to-date terms, the 1-bedroom median was flat and the 2-bedroom median increased 0.

The gap in median prices between historically expensive rental markets and cheaper ones continued to decrease last month but slowed slightly. Rents are falling across most major cities, such as San Francisco, CA These big cities are losing demand because people are having a hard time finding jobs during the pandemic and are forced to move back in with their families.

However, there is some indication the decreases have slowed down as compared to the previous month. Vacancy rates affect the price of housing. In a market in which there are a lot of vacant homes or apartments, prospective tenants or buyers are at an advantage. On the other hand, in a market in which there's a scarcity of vacant homes or apartments, the power dynamic is reversed. The landlords or sellers are in a position to tend to bid up the rents. Therefore, when there is an unusually low vacancy, the price of housing will tend to be bid up over time.

When there is an unusually high vacancy, the price of housing will tend to be bid down over time. Let us see how this pandemic led economic slowdown has impacted the vacancy rates nationally as well as regionally. The vacancy rate is somewhat analogous to the unemployment rate. If the unemployment rate increases, it has a direct impact on vacancy rates, just as what happened this year since March. COVID continues to limit economic activity, yielding higher apartment vacancies, and lower overall rent growth.

The Census Bureau reports rental vacancy and homeownership vacancy rates each year through its American Community Survey; you can get these at the city level or in some cases for even more fine-grained areas. According to the U. Census Bureau , the homeowner vacancy rate in was 1. In the third quarter of , the national vacancy rates were 6. Approximately Owner-occupied housing units made up And the homeowner vacancy rate of 0.

On the other hand, the homeownership rate of Usually larger metro areas have an advantage when it comes to rental properties. They have an abundant supply of renters in the high-income bracket with more disposable income who are willing to compete for the best apartments and rentals. However, industry experts are seeing more positive conditions in many suburban markets.

Buyers of apartment properties are returning to the market, spurred by historically low-interest rates and increased equity financing availability. In the third quarter of , the rental vacancy rate was the highest in Metropolitan Statistical Areas 7. Also, it was not statistically different principal cities 7. But suburbs had the lowest rental vacancy rate of 5.

This combination of high demand and low supply has driven prices higher in the suburbs. As affluent New Yorkers are buying houses in suburbs, the real estate market in those areas has prospered. In Manhattan, however, the median rental price decreased by 3.

The third quarter rental vacancy rate in the Northeast 5. The rental vacancy rates in the Midwest and South were higher than the rate in the West, and there was not a significant difference between the rates in the Midwest and South. The rental vacancy rate in the South was lower than the third quarter rate, while the rental vacancy rates for the Northeast, Midwest, and West were not statistically different from the third quarter rates.

The third quarter homeownership rates in the Midwest The rates in the Midwest and South were not statistically different from each other, nor were the rates in the Northeast and West. The homeownership rates in the Midwest, South, and West were higher than the rates in the third quarter of , while the rate in the Northeast was not statistically different.

The housing market before the pandemic was remarkably strong. The coronavirus crisis response was unprecedented. The federal government ordered a de facto shutdown of the entire private economy, closing an estimated eighty percent of businesses. It has caused unemployment to soar to at least ten percent, while tens of millions are idled.

Housing market data of the last month showed that it is beginning to heat up again as more sellers and buyers enter the market. Homes are selling faster while buyers pay summer prices. Improving but continued lack of newly listed homes on the market is driving inventory to all-time lows and continues to push prices up higher into double-digit growth territory for the first time since Sellers returned to the market, as the decline in newly listed properties substantially improved and western and northeastern metros saw more newly listed homes than the same time the previous year.

Nationally, the inventory of homes for sale decreased This amounted to , fewer homes for sale compared to October of last year. The count of newly listed properties in October also decreased by 7. This means it going to continue to be difficult for buyers to find their perfect home, while sellers who face little competition amongst each other may find selling their home easier this fall season than is typical.

Regionally, the Western US housing market has seen the greatest improvement in newly listed properties, now down only 2. Overall, the housing inventory in the 50 largest U. This is a faster rate of decline compared to the In September, none of the largest 50 metros saw an inventory increase on a year-over-year basis and 35 out of 50 saw greater inventory declines than last month.

Newly listed homes decreased by The metros which saw the biggest gains in newly listed homes include San Jose Those still seeing the largest decline in newly listed homes include Nashville Overall, newly listed homes in the largest 50 metros decreased by 5. The total housing inventory has reached New listings fell at the start of November and are now down According to the National Association of Realtors , the total number of homes available for sale continued to be constrained in September as well NAR's data for October is not released yet.

Unsold inventory sits at a 2. Properties typically remained on the market for 21 days in September — an all-time low — seasonally down from 22 days in August and down from 32 days in September Seventy-one percent of homes sold in September was on the market for less than a month.

In October, the median national home listing price on Realtor. This is an acceleration from the While none of the largest 50 metros are seeing decreasing prices compared to last year, Indianapolis, Buffalo, and Cleveland are seeing the year-over-year rate of price growth decelerate most compared to last month, dragging down the metro average growth rate in October. Homes for sale in October were scooped up more quickly than last year, as pent-up buyer demand continues to spill over the fall season.

Sales trends show that the fall housing market that is still more active than normal, in which buyers continue to face strong competition. The typical home spent 53 days on the market this October, which is 13 days fewer than last year and one day less than last month.

In the 50 largest U. Among these 50 largest metros, the time a typical property spends on the market has improved at similar rates across all four regions. In the northeast, south, and midwest properties now typically spend 10 fewer days on the market than last year, in western markets, the typical property spends 8 fewer days on the market. Among larger metropolitan areas, homes saw the greatest decline in time spent on the market compared to last year in Hartford days ; Virginia Beach days ; and San Diego days.

Home sales generally pick up in the spring-summer season. This is why housing market predictions always include an increase in sales between March and September. The existing-home sales marked a three-month decline in sales March to May as a result of the coronavirus outbreak. This is the first time homes in October sold more quickly than in September since Realtor. The sales growth amounted to an annual rate of 6. Each of the four major regions witnessed month-over-month and year-over-year growth, with the Northeast seeing the highest climb in both categories.

Each of the four major regions experienced both month-over-month and year-over-year growth, with the Northeast seeing the greatest improvement from the prior month. The month of September recorded a spike of 9. These include single-family homes, townhomes, condominiums, and co-ops. Total existing-home sales that include single-family homes, townhomes, condominiums, and co-ops, jumped to a seasonally-adjusted annual rate of 6.

Single-family home sales sat at a seasonally-adjusted annual rate of 5. Existing condominium and co-op sales were recorded at a seasonally-adjusted annual rate of , units in September, up 6. For four straight months, home sales have grown in every region compared to the previous month. Median home prices increased at double-digit rates in each of the four major regions from one year ago.

While all four major U. Year-over-year, contract signings rose An index of is equal to the level of contract activity in Three of four regional indices recorded decreases in contract activity on a month-over-month basis in September. In the Midwest, the index slid 3. With 10 years having now passed since the Great Recession, the U. The housing market has been along for much of the ride and continues to benefit greatly from the overall health of the economy.

However, hot economies eventually cool and with that, hot housing markets move more towards balance. Inventory was predicted to remain constrained, especially at the entry-level price segment. Mortgage rates were predicted to likely bump up to 3. Tight inventory coupled with rising mortgage rates would have lead to dropping sales. Buyers were expected to continue to move to affordability, benefiting smaller and mid-sized markets. The housing market predictions were pointing out that all the housing indices would trend upward for the nation as a whole as well as in every state, including the top metro areas.

After the coronavirus pandemic came into being, the housing market forecast runs the gamut from optimistic to pessimistic. The pace of home sales relative to inventory reached a new record high in February, although hints of deceleration were beginning to surface. The median home price gains marked 97 straight months of year-over-year gains nationally.

In March, the unsold inventory was equal to a 3. The fall in GDP associated with the coronavirus pandemic, and the rise in unemployment, is unprecedented. Despite that, there is little sign so far that the housing market is about to subside. Housing market predictions that take Covid into account have already come out.

Before the pandemic hit the nation the supply of new housing was failing to keep up with demand. Social-distancing requirements are also likely to hold construction back in the coming months. With many sellers remaining on the sideline and a decline in housing starts, inventory will remain constricted.

Under normal market conditions, prices would be expected to skyrocket as inventory declines at a faster rate, but buyer demand is expected to see-saw as the fourth wave of coronavirus pandemic pop-ups in winters. Hence, home price growth will flatten, with a forecasted increase of just 1. If the pandemic worsens further in the coming months, the sales are forecasted to take a hit as sellers might again de-list their properties and buyers would also stay away.

Capital Economics is estimating four million homes will be sold in This would be the lowest rate since For comparison, roughly 5. The trade war with China threatened international trade, creating a cloud that deferred business investment. That is why home sales are expected to be around six million in instead of the previously projected 6. Economic sentiment affected the U.

The number of homes for sale fell nearly 16 percent in March , after listings fell 15 percent year over year in February. This was equal to roughly , homes being taken off the market. US housing market predictions for the longer term will depend on the lingering impact of this virus. How long will it take for the economy to return to normal?

How quickly will the service economy re-open and get people back to work? Recovery is also expected to be uneven. Housing markets that are more heavily impacted should expect a slower recovery than markets that were hit less severely. If you're wondering what the state of the housing market will be like over the next six months, especially if you're an investor, then here is some good news for you. The mismatch between supply and demand is driving prices higher, but this isn't a housing bubble.

While housing demand has been softening nationwide due to the pandemic and job losses, the market is in much better shape than a decade ago. The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic period.

For the first time since the pandemic began, all four major components of real estate activity—the demand, supply, pricing, and sales—are growing above the pre-COVID pace. However, we may see home sales temper toward the latter part of and into if the unemployment rate stays elevated, but slower home sales are different than a busted housing bubble. Many experts were predicting that the pandemic could lead to a housing crash worse than the great depression.

But that's not the case. The good thing, at least for buyers and investors alike, is that house prices have nearly flattened and are poised to remain stable in the latter half of this year. The housing market forecast from Realtor. The home prices would flatten out. Single-family housing starts, which were expected to increase by 10 percent in , are now predicted to decline by 11 percent. It's mainly due to an unprecedented health crisis and economic uncertainty that has compounded this temporary restraint on real estate transactions.

The positive forecast is that there is expected a short-term bump in sales for the early fall due to pent up buyer demand, fear of the pandemic reducing, and low mortgage rates. According to Zillow , the housing market forecast for has improved but lingering economic uncertainty may temper some of the predictions. The forecasts for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand.

The pandemic also pushed the buying season further back in the year, adding to recent sales. Future sources of economic uncertainty, including lapsed fiscal relief, the long-term fate of policies supporting the rental and mortgage market, and virus-specific factors, were incorporated into this outlook.

While more sellers are comfortable entering the housing market compared to previous months, the lack of further improvement in newly listed properties signals that a return to normal conditions for the housing market is still just beyond reach at this time. The growth of new listings has begun to decline in November which further impacts the total inventory. As new listings come on the market they are quickly taken out from heavy buyer competition and pent-up demand.

The volume of new listings has also been trending lower over the past couple of weeks, as sellers across the country are reluctant to list amid the rising cases of coronavirus. It is important to note that new listings are an important contributor to the volume of home sales, and a failure of new listings to improve beyond the current pace of their decline could prove to be an obstacle for further sales improvements this year.

Sellers continue to be cautious, and further improvement could be constrained by lingering coronavirus concerns and economic uncertainty. A failure of new listings to improve beyond the current pace could prove to be an obstacle for further sales improvements, given their strong correlation with sales. As discussed above, home sales are constrained by low inventory and diminished seller and buyer confidence as the effects of COVID linger in the labor market.

However, real estate activity has been going on at an unusual pace. The housing sales recovery is strong, as buyers are eager to purchase homes and properties that they had been eyeing during the shutdown. This increase in buyer activity can go on for the coming winter season as long as mortgage rates remain low and jobs continue to recover. But more importantly, if the coronavirus cases do not rise at a rapid pace. However, as demand for home buying remains super strong, we're still likely to end the year with more homes sold overall in than in After rising to 5.

Fannie Mae is assuming that the spike in unemployment will drag on the housing market for the entire year. This is why it is predicting a 15 percent drop in home sales for over numbers. The time-on-market index increased to increase, suggesting buyers and sellers are continuing to connect at a faster rate going into the fall.

While pending contracts are at an all-time high, that will not necessarily translate to a record number of home sales because not all contracts lead to closings and due to sampling size variations. For the year According to N. R,'s recent forecast, for all of , existing-home sales are expected to increase by 1. According to their chief economist, Lawrence Yun, they are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market.

For the year , Yun projects existing-home sales to reach 5. New home sales are expected to be higher this year than last, and annual existing-home sales are now projected to be up — even after missing the spring buying season due to the pandemic lockdown.

Although these markets were hit by the COVID pandemic first, they were also some of the first to recover, with caseloads easing over time. The resulting pent up demand has driven homebuyers back to these markets, but now with an increasing preference for neighborhoods outside of the dense city centers and more toward suburban areas.

Affordability continues to be a key factor in attracting buyers to these neighborhoods.